An investor invested $3,400 in two mutual funds.One fund earned a 6%profit while the other earned a 3% profit. If the investor's total profit was $144,how much was invested in each mutual fund?
Let x=fraction of funds invested with 6% return,
then
3400x*0.06+3400(1-x)*0.03=144
Solve for x.
To solve this problem, we can use a system of equations.
Let's denote the amount invested in the first mutual fund as x, and the amount invested in the second mutual fund as 3400 - x (since the total investment is $3,400).
We know that the first fund earned a 6% profit, so the profit from that fund would be 0.06x. Similarly, the second fund earned a 3% profit, giving us a profit of 0.03(3400 - x).
The total profit earned from both funds is given as $144. So we can set up the equation:
0.06x + 0.03(3400 - x) = 144
Next, we can solve the equation to find the value of x.
0.06x + 0.03(3400 - x) = 144
0.06x + 102 - 0.03x = 144
0.03x = 144 - 102
0.03x = 42
x = 42 / 0.03
x = 1,400
Therefore, $1,400 was invested in the first mutual fund, and $3,400 - $1,400 = $2,000 was invested in the second mutual fund.